Tax Cuts for Small Businesses

Small businesses are vitally important to America’s economic recovery.  I recently introduced bipartisan legislation that would lower taxes for small businesses by allowing businesses to write off some of the cost of purchases, such as equipment and machinery, more quickly than they are currently able.  This legislation would speed up the tax deductions businesses can take for new equipment purchases, which would stimulate new investments by small businesses and help create jobs.  Our bill builds on the previous legislation that Senator Baucus and I got passed to expand this proven, pro-growth tax policy.
 
Republicans and Democrats agree that small businesses create 70 percent of the net new jobs in this country.  High taxes and excessive regulations slow down this job-creating engine.  Our new legislation would help both small and large businesses depreciate purchases faster, thereby encouraging businesses to invest in more equipment, which is often produced by small businesses.  This would help small businesses sell their products and equipment to larger businesses more quickly and allow small businesses to deduct their purchases more quickly.  It’s a common sense approach to help the economy recover.